How Landscaping Affects Home Values
Before you run out and load up on plants, trees, mulch, rocks, and lighting, it’s important to ask yourself why? We proffer such a question because depending your reason, the benefits may not be what you intended.
Some real estate professionals claim that landscaping can add tens of thousands of dollars in value to a home, but where here to explain why that may not always translate into more money.
Homebuyers vs Appraisers
A well manicured lawn and lush landscaping can do a tremendous amount for enticing homebuyers to submit an offer to buy a house, so if that’s the intention, then it may be a good decision to work on the yard in hopes of asking more or receiving higher bids. However, if one’s intention is to apply for a home equity loan and try to influence the bank’s appraiser to bump up the value, the landscaping will not have much of an impact on an appraisal.
Yards Don’t Affect Appraised Values
Unfortunately, dressing up a yard up may not move the needle much. You see, the lot your home sits on will affect the overall value, but that’s when it is situated with a great view, water access, or other desirable location such as a golf course.
So freshening up the flowers, adding new shrubs, and planting a 30ft royal palm tree will not sway an appraiser as much as having influence over a potential buyer.
That means the next time you feel like running out to Home Depot to arrange for a few pallets from their nursery to delivered, hopefully your doing it for your own gratification. Otherwise, be sure to consult with a local real estate agent so you can avoid spending too much for too little of a return on your investment.
Curb Appeal is Real, but…
Curb appeal is nothing to be discounted, it’s a genuine phenomenon, but one has to take into account their local market conditions and comparable properties first. It’s quite possible for one property to have an immaculate yard sell for the same price as a home with an overgrown lawn. This is because many homebuyers and investors can see beyond the field of weeds.
To learn more about the value of your home without having to interact with an agent or appraiser, order a Order a Home Value Report.